February 16, 2023

Abu Dhabi Launches Initiative for Supporting Web3 Startups

Hub71

Hub71

Abu Dhabi’s technology ecosystem, Hub71, announced the launch of a new initiative called Hub71+ Digital Assets, which aims to support the growth of Web3 start-ups and their innovations in the fields of metaverse and blockchain.

The Hub71+ Digital Assets will provide capital funding to Web3 start-ups, located in Abu Dhabi, worth $2 billion (+AED 7 billion), in a move to unlock the potential of Web3 and the growth of digital assets, according to WAM news agency.

The initiative plans to provide Web3 start-ups with top-notch blockchain and virtual asset infrastructure in light of operating in an advanced regulatory environment.

Based at Hub71 in the Abu Dhabi Global Market (ADGM), FABRIC, the research and innovation center of First Abu Dhabi Bank (FAB), will be a key partner for the new initiative, which will play a role in simplifying the discovery, trading, and safekeeping of digital assets. FAB will also determine pioneering Web3 start-ups, entrepreneurs, and innovative technologies to reimagine financial services in the metaverse.

Under the initiative, Hub71 noted it will push the expansion of these start-ups to expand to Abu Dhabi and enhance their presence in the Middle East and global markets.

Commenting on the initiative, Deputy Chief Executive Officer of Hub71 Ahmad Ali Alwan said: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level… Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region.”

Meanwhile, CEO of ADGM Dhaher bin Dhaher Al Mheiri asserted that ADGM is committed to providing a holistic environment for the selected Web3 start-ups in its diverse ecosystem and progressive regulatory environment to guarantee the growth of their digital assets, affirming that ADGM is dedicated to making the UAE economy at the forefront. He looked forward to making the UAE a main hub for start-ups in the global market.

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